Being able to accept cryptocurrency as a payment for your business is essential. Most of the big names in commerce are doing so. If you aren’t accepting cryptocurrency then you are surely leaving money on the table. One of the biggest benefits of accepting crypto as a currency for payments is how fast the transactions are and that you pay minimal fees compared to credit cards.
The trick is to find the right payment processor to handle the transactions. Like any payment processor, it highly depends on your needs as to which one is going to work best for you.
1 – Rapidz
Having its own ecosystem means that Rapidz is a very good way to accept cryptocurrency payments since it is so user-friendly. For instance, it goes beyond just a processor since it allows users to message each other which can be helpful when accepting payments.
Since it has its own token called RPZX you can accept payments from other holders without paying any transaction fees. Payments are instant when they are made between you and somebody paying in RPZX. They also allow for other cryptocurrencies to be used and you can make withdrawals in fiat cash.
2 – Paypal
Paypal revolutionized online payments with fiat so it only makes sense that they would enter the cryptocurrency payment processing arena. It is one of the reasons that cryptocurrency has gone mainstream as a means of payment.
It allows regular people who aren’t used to how exchanges and gateways work to be able to keep cryptocurrency and use it for making payments. This makes it a no-brainer for businesses to accept since many of them already accept it as a processor for their credit card payments.
3 – Bitpay
Since cash flow can be a big issue for most businesses, getting paid out daily from your transactions is a huge advantage. Bitpay pays out every day and in many different currencies from cryptocurrency to fiat.
It’s also great for e-commerce store owners since it integrates with a number of platforms from Woocommerce to Shopify and Magenta. For those with physical stores, you can set up mobile POS checkouts. Flexibility is the strong suit of Bitpay.
4 – Coinbase
If you already have a Coinbase account from dabbling in trading cryptocurrency then this is a logical choice since you have to be a user to accept payments from it. It has a few other benefits to make it worth getting an account as well.
For instance, you can accept up to 150 different cryptocurrencies and there are no transaction limits. Keep in mind that this is only available for US-based merchants, however.
5 – Shopify
If you are looking for ease of use for accepting cryptocurrency payments for your ecommerce store then Shopify is a logical choice. Signing up is easy so you don’t really have to know much about cryptocurrency to take advantage of it. It also integrates well with many different cryptocurrency gateways. The fees are also low, but there is a monthly fee to use it so you have to do some careful calculations to understand if it is the right fit economically.